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122nd MAINE LEGISLATURE |
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LD 490 |
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LR 0702(02) |
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An Act
To Eliminate the Offset for Social Security and Certain Other Pensions for
Unemployment Benefits |
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Fiscal Note for Bill as Amended by Committee
Amendment " " |
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Committee: Labor |
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Fiscal Note Required: Yes |
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| Fiscal Note |
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| Undetermined current biennium cost increase - All Funds |
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| Future biennium revenue
increase - Other Funds |
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Projections |
Projections |
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2005-06 |
2006-07 |
2007-08 |
2008-09 |
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| Appropriations/Allocations |
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Employment Security Trust Fund |
$3,976,000 |
$5,326,000 |
$5,463,000 |
$5,689,000 |
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| Fiscal Detail
and Notes |
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This
bill includes Other Fund allocations of $3,976,000 in fiscal year 2005-06 and
$5,326,000 in fiscal year 2006-07 to the Unemployment Compensation Benefit
Account within the Department of Labor for the additional cost of eliminating
the pension offset against unemployment benefits for certain individuals who
received Social Security or other pensions and contributed at least 50% of
the contribution to that pension. |
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The
cost increase in this bill will not impact the unemployment contributions
schedule until 2010 based on projections developed using the Consensus
Economic Forecasting Commission Forecast of October 2004. The State and all other direct
reimbursement employers will be required to repay the Unemployment
Compensation Trust Fund for additional benefit payments beginning with the
current biennium. |
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